GoM Backs Two-Slab GST Structure, Proposes 40% Rate on Luxury and Sin Goods

The GoM has backed a "two-slab GST structure" and has proposed a "40% rate on luxury and sin goods." The proposal, which is a significant step towards a more user-friendly and less intrusive tax environment, is aimed at simplifying the tax structure and reducing the tax burden on essential goods. The move is expected to have a significant impact on various sectors. This is a crucial reminder to all businesses that they must be diligent in their dealings.